Bitcoin Price Trims Losses But Remains In Range, What Could Trigger Fresh Rally
24 März 2023 - 04:20AM
NEWSBTC
Bitcoin price trimmed all losses and climbed above $28,000. BTC
must clear the $28,500 resistance zone to start a steady increase
in the coming sessions. Bitcoin is moving higher above the $28,000
resistance. The price is trading above $28,000 and the 100 hourly
simple moving average. There is a connecting bullish trend line
forming with support near $28,000 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could rally if there
is a close above the $28,400 resistance zone. Bitcoin Price Eyes
Fresh Rally Bitcoin price started a major downside correction after
the fed increased rates from 4.75% to 5%. BTC dived below the
$27,500 level before the bulls appeared near the $26,600 zone. A
low was formed near $26,623 and the price started a fresh increase.
It trimmed all its losses and climbed above the $27,500 resistance
zone. There was a clear move above the $28,000 resistance, but the
bears were again active near the $28,500 zone. A high is formed
near $28,798 and the price is now correcting lower. There was a
move below the 23.6% Fib retracement level of the recent wave from
the $26,623 swing low to $28,798 high. Bitcoin price is now trading
above $28,000 and the 100 hourly simple moving average. There is
also a connecting bullish trend line forming with support near
$28,000 on the hourly chart of the BTC/USD pair. On the upside, an
immediate resistance is near the $28,500 level. Source: BTCUSD on
TradingView.com The next major resistance is near the $28,500 zone.
A close above the $28,500 resistance might start another major
increase. In the stated case, the price could rise towards the
$29,500 level. Any more gains might send the price towards the
$30,000 resistance zone. Dips Supported in BTC? If bitcoin price
fails to clear the $28,500 resistance, it could start another
decline. An immediate support on the downside is near the $28,000
zone and the trend line. The next major support is near the $27,700
zone or the 50% Fib retracement level of the recent wave from the
$26,623 swing low to $28,798 high. Any more losses might send the
price towards the $27,150 support zone. The next major support is
near the $26,600 level. Technical indicators: Hourly MACD – The
MACD is now losing pace in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $28,000, followed by $27,700. Major
Resistance Levels – $28,500, $28,800 and $29,500.
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